An Interview with Peter Sumer, COO at BITmarkets
BITmarkets is one of the prominent names in the crypto industry. Recently, we interviewed the COO of BITmarkets, Peter Sumer to get a better understanding of the difference they are making in the ecosystem.
Q: Hi Peter, let us start with your introduction to our readers. As a Chief Operating Officer (COO) with BITmarkets, what challenges do you face in the crypto exchange?
A: One of the main challenges is the struggle with the banking sector and finding potential liaise and cooperation with traditional finance sector following the FTX events. We are trying to bring transparency through our actions and presence at multiple events as well as thoroughly communicate with banking and regulatory executives to understand their needs and wants so we can speed up the connection between the traditional and digital worlds. Another challenge of course is the fight for market share where we do our best to provide the utmost services to our customers through benefits like local customer support or newly added features which you may find here.
Q: You have moved from the mainstream investment industry to a crypto company. In your opinion, what are the key differences and shared similarities between both sectors?
A: Through products and services, both sectors currently strive to provide clients with easy access to capital and liquidity, thus making it convenient for them to trade or hedge. However, I can still see the differences in how one tries to make it easier than the other. Our financial technology is the bridge to a whole new level of finance. I can see a lot more attention being paid to the FinTech industry in the upcoming years than ever before. This is also mainly because of its easier way of connection with the artificial intelligence.
Q: In its first year of existence, BITmarkets has grown rapidly. Is your crypto exchange still in the initial dynamic growth phase, or have you already reached your primary targets and consolidated your portfolio of clients and services?
A: We have new targets now and those are surpassing the previous ones. By looking at how fast we have grown in 1 year, I believe that with a great team of representatives and professionals, we can achieve more targets. You can expect to hear a lot more about BITmarkets in the foreseeable future.
Q: What are the regions BITmarkets currently operates in, and where do you think the untapped potential crucial for widening the customer base lies?
A: Currently, we mainly operate in Middle and Southern Europe as well as trying to establish roots in Spain and Germany. However, we see huge potential in the Middle East. There is so much interest and enthusiasm in that region for digital assets that you cannot really miss it. Due to this fact, I am trying to find the best way how to expand our range of products and services thereby communicating with the authorities and meeting with lots of professionals from this area to give BITmarkets what it needs to grow further.
Q: What are your other plans for BITmarkets, especially when it comes to expanding the reach and ensuring ease of accessibility to all?
A: Working with regulators and industry professionals, listening to our customers’ needs, and keeping the same vision of participating in what could be the biggest transition of the century. Except for the Middle East, we see BITmarkets expanding its reach into Southeast Asia. We will attend another Crypto Expo in Singapore this June. The city itself has a lot to offer considering it’s one of the most prominent financial centers in the world with such a sophisticated economy and system. Our presence there will definitely unlock new potential for the next expansion and adding new services to our product portfolio.
Q: You have been a familiar face at multiple crypto industry events, most recently at crypto summits in Bahrain and Dubai.
A: Yes, there I always realize how important it is to meet our partners, traders, blockchain experts and other “crypto species” in person. These events are a great opportunity for the community to expand its horizons.
Q: What are the key takeaways from these events?
A: The main takeaway for us is responsibility for our community. Though, for example, the summit in Bahrain was a tremendous success for BITmarkets, as our project was named the Best Crypto Exchange and, also was awarded with the accolade of Best Crypto Academy, the major conclusion is responsibility. When the community so highly values education and knowledge, you are obliged to fulfill its needs and deliver even more.
Q: In your interactions with other crypto industry as well as government representatives, what are the most common views and concerns regarding the future of crypto shared by all?
A: Well, the hot topics being discussed now are the regulatory framework and the inclusion of CBDCs. The European Parliament has recently approved the regulatory framework called MiCA (Markets in Crypto Assets), so we are trying to deeply understand the possible settings for cryptocurrency markets in the near future. I am very happy that the authorities are doing their best to provide a safe environment to operate in for all of us, which will definitely bring new faces to the FinTech industry after all.
Q: Could you summarize prevailing trends within the industry generally, and, also, specifically in the area of crypto exchanges?
A: Biggest attention is now being paid to the banking industry and its turmoil. It’s a negative trend but still an unwanted part of traditional finance. I really hope that we won’t witness any more bank runs and that FED and some other professional investors will help regain trust in the banking system since it’s the main pillar of the finance world. However, I believe that the crypto industry has a lot of potential due to its decentralization and transparency. I see that investors are slowly starting to look for business ventures in the crypto industry where their funds will remain safe as well as more appreciated in the future.
Q: What do you think is lacking in today’s crypto industry? Any ideas on how these issues can be resolved?
A: Education. We get ahead of time quickly, especially in the technology sector, and we need to make sure that we educate our potential customers on matters related to cryptocurrencies and blockchain technologies properly. We value the time our customers devote to us and try to make this time a valuable experience for them by providing excellent customer service. I believe that the more focus we put on the educational part, the better we understand our customers’ needs.